Proposed taxation changes

[Gambrinus]

In short, according to the Diario de Notícias, these were the alterations that the government discussed last night:

In order to reduce the deficit in Portugal, the Portuguese government is preparing to change the tax laws and increase the VAT to 21%.

Additional taxation between 1% and 1,5% percent will be levied upon income tax and the corporation tax will also be raised by 2,5%.

Lastly, as a sign of solidarity, the salaries of politicians all the way to the comunal level will be reduced by 5%.

These proposals should be ratified today and taken to parliament.

source: http://dn.sapo.pt/inicio/economia/inter ... id=1568561

[martin]

and how about all camara staff to be fined a months wages for licenses not issued within 30 days, now that really would be a money spinner

[e-richard]

These proposals should be ratified today and taken to parliament.

If I understand that article correctly, it sounded like it all has to go to BRUSSELS for approval.
Is that right ?

[Gambrinus]

No, this is just Socrates breaking his election promises all by himself.

Brussels is looking in to the possibilities of centralizing fiscal laws for EU members in an effort to exercise budget control in the member states and avoid the rampant overspend that have left the PIGS in the state they are in now.